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S&P warns of year-long recession in no-deal Brexit

Ratings agency, which was the last to strip the UK of its top triple-A status in 2016, warns of further problems

S&P warns of year-long recession in no-deal Brexit
Photo: Getty Images

S&P, the ratings agency, warned that a disorderly exit from the European Union could cost the UK around £130bn of economic growth in the next three years, cause a plunge of 10% in house prices and probably lead to a downgrade of UK government debt.

The agency also forecast rising corporate insolvencies, weaker banks, a 20% plunge in London’s office market,  and a jump in UK unemployment to levels last seen in the aftermath of 2008’s financial crash.

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